Chit Fund Company Registration

Chit in Chit Fund Company means transaction. It's basic function is that foreman collect the group of people and they both agree on terms and condition. The group of member will invest a amount of money for a time and can earn the amount by way of lot and auction conducted by the foreman.

Submit to get Chit Fund Company Registration

It provides transparency to members.

Foreman will earn commission on every lot.

These are secured and legal as compared to unregistered

Also called as "Chitty" or "Kuree"

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Chit Fund Company Registration Service Details

Company Registration Process: -

Registration of Chit fund company include several steps

Acquire a Digital Signature Certificate (DSC)
Director Identification Number (DIN)
Name Reservation of the Company i.e., Spice+ Part A
Submission of Company details i.e., Spice+ Part B
Preparation and submission of Incorporation forms (INC-33 MOA, INC 34 AOA, INC 35 Agile Pros, INC-9)
After all the process we will get the Certificate of Incorporation (COI) and other ancillary documents.
Filing of Forms i.e., INC 22, INC 20A.
Compilation of Documents for Chit Fund Registartion.
Affidavit from all Directors.
Appointment of Foreman.
Making of Bye laws.
Post incorporation compliances.

Now Let’s discuss in details what include in every step and how we proceed with that

First, we have to check whether every director have DSC or not if yes then we have to collect the same if not then we have to make Digital Signature first, because every work is electronically so every director is requiring to sign every form electronically through DSC. Documents required for Individual DSC making is Aadhar card, PAN card, Bank statement, photograph of director. For DSC you can refer our DSC service tab for more information.
Secondly, we have to know whether the Director has existing DIN or not, if yes then we have to collect the required information of the director that in which company he has interest and how much he holds shares in the company.
Then after all that we are going to reserve the name of company by filing the form Spice+ Part A and it took 3 days for getting the name reserve and after that we have 21 days to incorporate a company.
Meanwhile, in between the 3 days of name approval we will make other necessary documents like DIR-2, Noc for registered office etc.
After the name approval we will file details in Spice+ Part B form which include details of shares, subscribers, directors, registered office, PAN TAN codes, etc and submit the form after signing of all the forms by every director and shareholders.
After submitting the form, we have to prepare INC 33 i.e., Memorandum of Association, INC 34 Article of Association, INC 9 details of Subscribers and Directors, INC 35 Agile PROS.
And then we have to submit all the forms and wait for the approval by the Registrar of Companies.
After getting approval from the department we have to start the process for Compilation of documents i.e., MOA, AOA, INC 9, INC 20A, INC 22, Bank Certificate for capital etc. for Chit fund registeration.
FIling of INC 22 for verification of registered office and INC 20A for indicating that all the capital alloted to subscriber has paid the amount in the company.4
Then take affidavit from all the directors and appoitnment of Foreman.
Making of Bye Laws for the company.
Then we have to compile and deposit all the document to respective state government and then wait for approval.
After getting we have to done post incorporation compliances like ADT-1, GST registration etc.

Documents Deliverables are: -

Certificate of Incorporation (COI)
Memorandum of Association i.e., INC 33
Articles of Association i.e., INC 34
Agile PROS i.e., INC 35
Details of Subscribers and Directors i.e., INC 9
PAN Card of company will be shared over mail by MCA Department
ESI/PF credentials will be shared over mail by MCA Department
TAN Card of company will be shared over mail by MCA Department
Certificate of Chit Fund Registration by respective State Government.

Time Taken to incorporating a company is around 15-20 days.

Why Choose HireYourCA?

There are several reasons why HireYourCA stands out as your go-to partner for business registrations and compliance:

Experienced and Qualified Team: Our CAs possess extensive knowledge and expertise.

Seamless Service: We handle the entire process, keeping you informed at every step.

Cost-Effective Solutions: Competitive pricing ensures value for your money.

Client-Centric Approach: We prioritize your needs and offer personalized guidance.

Technology-Driven Platform: Our user-friendly online platform enables easy tracking and access to documents.

Transparency and Trust: We maintain complete transparency and adhere to the highest ethical standards.

Eligibility

There is a requirement of at least 2 directors to form a Chit Fund Company in India
There is requirement for minimum capital to incorporate a Company Chit Fund is 1 lakhs.
Name of the company has must contain i.e., "Chit Fund Company".
The company must have a registered office situated in India.
The members and directors should not be disqualified under any law and competent to do act on behalf of company.4
The directors and members should be of sound mind and major.
Period of Chit Fund cannot be more than 5 years.
There must be a proper place for doing “Auction”.

Documents Required for Chit Fund Company Registration

Now let’s Discuss about the documents need for registering a Chit Fund Company in India.

First we have to register a company on MCA portal.

First of all, documents required related to the director/ shareholders of company are

Educational qualification that they had completed till now or pursuing,
KYC Documents i.e., Aadhar Card, Pan Card, Photograph of all the Directors, Mail I’d & Mobile Number of all the directors, Bank statement of all the directors, DIN if having with any director.
Digital signatures certificate of all the directors and shareholder if they are different.
Declaration by the Director under form number DIR-2 about the consent of becoming director and enclosing the Directorship or holding of any interest in any company.

Now secondly, we need documents related to the company i.e.,

4 proposed names of the company going to incorporate. Why we are asking for 4 names because if any resubmission or issue arise alike that then we can use 2 other alternate names for the company incorporation.
Share capital of the company clearly stating the share of every shareholder in the said capital.

Now lastly, we need the documents related to the registered office of the company i.e.,

No objection certificate for the registered office from the owner of property stating clearly of having no issue for taking registration at that place.
Rent Agreement required if the property is not on the name of company going to incorporate.
Latest electricity bill or any other utility bill is required for the proof of address office of company but it can’t be older than 2 months.

Note: - For Foreign Nationals Notarized documents, passport-sized photograph, passport and address proof.

After the sucessfully registering of a Company now the Document required for registering as Chit fund in respective states are: -

Certificate of Incorporation
Memorandum of Association & Article of Association
Bank certificate for deposit of paid up capital
Form INC 22, INC 9, INC 20A are required
Affidavit from all the Directors declaring they are qualified, major and of sound mind.
Foreman has to be appointed for all the task
Form regarding details of Company business and deposit of fees.

Benefits Of Getting Chit Fund Company Registration

Transparency: - Chit fund are subject to timely conduct audits which enhance transparency and trust of members.

Secure: - Registered chit fund offer more security and safety as compared to the unregistered one.

Acces to Funds: - It also allow to provide loans and funds to the members easily as compare to market.

Fast access to capital: - Chit funds offer quick and fast access to capital as compare to the banks and other lending institution

Act as Financial System: - It can also act as best financial support in rural areas for the fulfillment of their needs.

Chit Fund Company Registration Sample Document

Chit Fund Registration Certifiicate sample

Chit Fund Company Registration

Submit to get Chit Fund Company Registration

Chit Fund Company Registration Service Details

Why Choose HireYourCA?

Why Choose HireYourCA?

Eligibility

Documents Required for Chit Fund Company Registration

Benefits Of Getting Chit Fund Company Registration

Chit Fund Company Registration Sample Document

Download Chit Fund Company Registration Sample

Chit Fund Registration Certifiicate

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